GBPUSD: GPB remains under pressure as it weakened further the past week and opened the door for further weakness in the new week. This is coming on the back of a violation of the 1.5874 level, its Nov 03’2011 low. This has set the stage for a move further lower towards the 1.5632 levels. Below here will turn attention to its Oct 12’2011 low at 1.5541. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, to reverse its present downside threats, the pair will have to break and hold above the 1.6161 level, its Oct 31’2011 high. A breach of here will resume its short term uptrend towards the 1.6204 level, its Sept 06’2011 and subsequently its Aug 30’2011 high at 1.6418. On the whole, with continued bearishness seen, further downside pressure cannot be ruled out.
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